Latest News in Energy

Two law firms are battling it out in New York bankruptcy court to see who will lead a proposed class action against Westinghouse Electric on behalf of workers laid off on short notice, with both firms trading barbs and beating their chests in an attempt to muscle out the competition.

Colorado natural gas well developer Augustus Energy Resources LLC told the Delaware bankruptcy court on Sunday that it wants to hold a Chapter 11 auction of its assets, saying it is dealing with $78 million in debt, depressed energy prices and a $3.7 million class action over royalties.

Spanish offshore equipment manufacturer Vicinay Cadenas SA urged a Texas federal court on Monday to dismiss Petrobras America Inc.'s lawsuit seeking $400 million over an allegedly defective chain used to support a floating oil and gas facility, because, despite Petrobras assuring the court its claims didn't rely on a purchase order, it is now arguing otherwise.